José Sevilla to step down as Unicaja chairman at upcoming shareholders meeting

Board departure and succession process

José Sevilla informed the board of directors of Unicaja Banco on 1 October 2026 that he will step down from his role as non-executive chairman at the upcoming ordinary general shareholders meeting in April, concluding a three-year tenure. The Spanish lender disclosed the decision to the National Securities Market Commission (CNMV) following initial reporting by Spanish financial newspaper Cinco Días. Unicaja confirmed that Sevilla will continue exercising all presidential duties in full capacity until the shareholder vote takes place. The board formally expressed its gratitude to Sevilla for his work leading the institution.

In its regulatory filing, the bank documented the chairman's notice to the board:

The chairman of the board of directors, José Sevilla, has communicated to the board that he will complete his mandate and will not seek re-election, and will therefore step down upon the conclusion of the next ordinary general shareholders' meeting.

Governance recovery post-merger

Following the notification, Unicaja activated a formal succession plan to evaluate and select the next chairman of the board. Bank officials stated that Sevilla's advance notice gives the institution sufficient time to execute an organized leadership handover without operational disruption. Sevilla joined Unicaja in 2024 to replace outgoing chairman Manuel Azuaga and restore stability to the Malaga-based lender after prolonged governance disputes.

Tensions had originated during the integration phase of Unicaja's absorption of Liberbank, which was agreed in mid-2021. Under the initial merger framework, Azuaga was slated to step aside to allow former Liberbank chief executive Manuel Menéndez to take executive control, a structure that sparked sharp internal resistance and led to the resignation of multiple board members. The institutional stalemate prompted a comprehensive board renewal over three years, including the appointment of Isidro Rubiales as chief executive officer and Sevilla as non-executive chairman to oversee governance while remaining separate from daily business operations.

Strategic targets and financial performance

Under the leadership of Sevilla and Rubiales, Unicaja introduced a strategic roadmap for the 2025–2027 period focused on expanding commercial business lines. The plan sets an overarching objective to generate 1.6 billion euros in cumulative profit over three years while lifting profitability above 10%.

First-half financial figures for 2026 reflected steady gains across lending and fee activities. Unicaja reported a net profit of 361 million euros for the first six months of 2026, an increase of 7.1% over the 338 million euros recorded in the same period of 2025. Supported by these earnings, the board approved a 28% increase in the interim dividend to 8.44 euro cents per share, representing a total capital payout of approximately 217 million euros to shareholders. Across Sevilla's tenure, the bank's share price quadrupled on the Madrid stock exchange.

Executive career across Spanish banking

Prior to leading Unicaja, Sevilla built a long career across Spain's banking sector. He served as chief executive officer of Bankia from May 2012 to March 2021, working alongside chairman José Ignacio Goirigolzarri through the bank's post-bailout restructuring and eventual merger into CaixaBank. Following his Bankia tenure, he served on the board of Renta 4 Banco as an independent director. Earlier in his career, Sevilla worked in investment banking at Merrill Lynch before joining BBVA, where he held roles including general director of risk and member of the management committee.